Hawaii Vacation Rentals: Better, But Not There Yet

First Half 2021

Throughout the first half of 2021, the performance of Hawaii vacation rental properties was impacted by restrictions related to the COVID-19 pandemic. The supply of statewide vacation rentals for the first six months was 3.5 million unit nights (+4.2% vs. 2020, -26.1% vs. 2019) and demand was 2.2 million unit nights (+12.1% vs. 2020, -40.1% vs. 2019), resulting in an average unit occupancy of 61.2 percent (+7.6 percentage points vs. 2020, -19.0 percentage points vs. 2019). During this same period, Hawaii hotels reported ADR at $293 and occupancy of 48.1 percent.

Island Highlights

In June, Maui County had the largest vacation rental supply of all four counties with 227,300 available unit nights (+112.6% vs. 2020, -16.0% vs. 2019). Unit demand was 184,900 unit nights (+1,417.0% vs. 2020, -12.1% vs. 2019), resulting in 81.3 percent occupancy (+69.9 percentage points vs. 2020, +3.6 percentage points vs. 2019) with ADR of $267 (+9.1% vs. 2020, -31.4% vs. 2019). In comparison, Maui County hotels reported ADR at $498 and occupancy of 79.2 percent.

For the first half of 2021, the vacation rental supply for Maui County was 1.4 million unit nights (+30.2% vs. 2020, +1.6% vs 2019), and demand was 910,200 unit nights (+38.6% vs. 2020, -19.3% vs. 2019). The average occupancy year-to-date through June was 63.9 percent (+6.5 percentage points vs. 2020, -20.6 percentage points vs. 2019), and ADR was $270 (-11.8% vs. 2020, -14.6% vs. 2019). In comparison, Maui County hotels reported ADR at $475 and occupancy of 52.0 percent.

Oahu vacation rental supply was 148,700 available unit nights (+34.4% vs. 2020, -50.2% vs. 2019) in June. Unit demand was 115,600 unit nights (+847.8% vs. 2020, -48.3% vs. 2019), resulting in 77.7 percent occupancy (+66.7 percentage points vs. 2020, +2.8 percentage points vs. 2019) and ADR of $200 (+28.8% vs. 2020, -31.4% vs. 2019). Oahu hotels reported ADR at $227 and occupancy of 75.4 percent.

For the first half of 2021, the vacation rental supply for Oahu was 822,400 unit nights (-20.9% vs. 2020, -50.3% vs 2019), and demand was 530,000 unit nights (+0.3% vs. 2020, -57.2% vs. 2019). The average occupancy for year-to-date through June was 64.4 percent (+26.8 percentage points vs. 2020, -13.8 percentage points vs. 2019), and ADR was $195 (+6.6% vs. 2020, -5.1% vs. 2019). In comparison, Oahu hotels reported ADR at $197 and occupancy of 46.3 percent.

The island of Hawaii vacation rental supply was 129,700 available unit nights (+56.0% vs. 2020, -35.4% vs. 2019) in June. Unit demand was 104,500 unit nights (+681.6% vs. 2020, -19.5% vs. 2019), resulting in 80.6 percent occupancy (+64.5 percentage points vs. 2020, +16.0 percentage points vs. 2019) with ADR of $200 (+20.7% vs. 2020, -30.8% vs. 2019). Hawaii Island hotels reported ADR at $356 and occupancy of 79.0 percent.